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What is London Help to Buy?
To reflect the difference in the London property market the Government has increased the equity loan available to London home buyers. The London Help to Buy scheme launched on 1st February 2016 It's aimed to help first time buyers or second steppers to buy a new-build home in the capital. The scheme doubles the upper limit of the government equity loan, from up to 20% of the property’s value to 40%. As with the existing scheme, London Help to Buy has a £600,000 maximum price limit Only available on new-build homes within the capital’s 33 boroughs.
To qualify, you will need a deposit of 5% and a mortgage for up to 55% of the value of the home. The Government will then provide an equity loan of up to 40% of the property’s value, which is interest free for the first 5 years.
For example, for a property in London with a value of £476,000 you will need:
5% deposit of £23,800
55% mortgage of £261,800
40% government equity loan of £190,400
Help to Buy London has a few special requirements:
It only applies to capital repayment mortgages rather than interest-only mortgages.
Buyers must not receive help with their deposit from a local authority or other public body.
A HomeBuy agent check will be required.
*40% loan is interest free for the first 5 years. 5% deposit is applicable with the Government’s Help to Buy scheme. Calculation above is indicative only. Available on selected plots only. Buyers will need to have sufficient funds to pay legal and sundry costs. Equity deposit percentage may be subject to lender’s and Government criteria. Prospective buyers should always seek independent financial advice before proceeding. Countryside works with a number of independent financial advisers who are able to provide appropriate advice. Countryside terms and conditions apply. Subject to status.
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